In Long-Run Equilibrium, a Firm in a Perfectly Competitive Industry

question 64

Multiple Choice

In long-run equilibrium, a firm in a perfectly competitive industry will produce at the point where:

• A)marginal cost equals average total cost.
• B)total revenue is maximized.
• C)marginal cost equals average variable cost.
• D)its opportunity cost is lowest.
• E)price equals average fixed cost.

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Definitions:

Reality-Monitoring Errors

Failures in the ability to distinguish between memories of actual events and internal imaginings or thoughts, leading to confusion about what has truly occurred.

Seizure Disorder

a medical condition characterized by episodes of uncontrolled electrical activity in the brain, leading to changes in behavior, movements, or consciousness.

Aura

A sensory experience or perception (such as flashing lights, tingling, or a peculiar smell) that precedes and signals the onset of a specific condition, often a migraine or seizure.

Muscle Tone

The continuous and passive partial contraction of the muscles, or the muscle's resistance to passive stretch during resting state.